Democratic presidential nominee Kamala Harris laid out more specifics of her "opportunity economy" plan for the United States should she win the election this fall.
During a speech to the Economic Club of Pittsburgh at Carnegie Mellon University, the vice president said November’s election is the chance for voters to make the middle class the engine of the country’s prosperity and make the U.S. economy work for everyone.
“Over the past several decades, our economy has grown better and better for those at the very top and increasingly difficult for those trying to attain, build and hold on to a middle-class life,” Harris said. “In many ways, this is what this election is all about. The American people face a choice between two fundamentally different paths for our economy.”
Harris on Wednesday unveiled her "America Forward" proposal, an agenda that aims to make $100 billion in new investments in manufacturing and calls for tax credits to boost investment and job creation in industries key to national security and economic growth, like artificial intelligence, clean energy, domestic semiconductor production and aerospace and other forms of transportation.
And the plan would be paid for, she said, "by a portion of the proceeds of international tax reform, which seeks to prevent a global race to the bottom and to discourage inversions."
Seeking to draw a sharp and specific contrast with former President Donald Trump, Harris laid out her three pillars for American economic success: lowering costs to restore economic security for middle class families, investing in American innovation and entrepreneurship and leading the world in the industries of the future to ensure the U.S. remains dominant instead of China.
Recognizing that many Americans are reeling from persistently high prices for everything from milk and childcare to houses and cars, Harris reiterated her pledge to cut taxes for middle class families and individuals, including a $6,000 tax credit for new parents during the first year of their child’s life.
Without giving specifics, Harris said she planned to also cut costs for childcare and eldercare and give all working people access to paid leave to allow them to care for their children and aging parents.
She also reiterated her plan to give first-time homebuyers $25,000 in down payment assistance so more Americans can afford to buy a home. She said she intends to construct 3 million new homes and rentals for the middle class to help decrease the price of housing, which has outpaced inflation.
She pledged to enact the first federal ban on corporate price gouging and “take on bad actors who exploit emergencies and drive up grocery prices.” She also pledged to take on Big Pharma and cap the cost of prescription drugs for all Americans, building on the $35 price cap on insulin for seniors the Biden-Harris administration enacted earlier this year.
“Since the founding of our nation, there has been no incubator for unleashing human potential like America,” Harris said, paraphrasing one of the world’s richest men, Warren Buffett. “We need to guard that spirit.”
Harris reiterated a plan for small business owners she introduced earlier this month that would increase small business tax deductions for startup expenses from $5,000 to $50,000 and provide low- and no-interest loans to small businesses that want to expand.
Saying small businesses create 50% of private sector jobs, she said her goal of inspiring 25 million new small business applications by the ed of her first term is “very achievable.”
“If we can harness the entrepreneurialism of the American people and unlock the full potential of founders and small business owners, I am optimistic that no one will be able to outpace us.
Citing Alexander Hamilton’s foresight to build the country’s manufacturing capabilities, Abe Lincoln’s building of the transcontinental railroad, Dwight Eisenhower’s creation of the nation’s interstate highway system and John F. Kennedy’s embrace of space exploration, Harris said “one of the recurring themes in American history is that when we make an intentional effort to invest in our industrial strength, it leads to extraordinary prosperity and security not only for years but for generations.”
She pledged to commit the country to its global leadership position in sectors that will define the rest of the century, including biomanufacturing, aerospace, artificial intelligence and quantum computing, and to expand the U.S. lead in clean energy innovation “so the next generation of breakthroughs from advanced batteries to geothermal innovation to advanced nuclear are not just invented but built here in America by American workers.”
She said her administration would offer tax credits for expanding union jobs in steel, iron and other manufacturing communities and prioritize investments to retool existing factories and hire locally for the clean energy future.
“We don’t have to abandon a strength we’ve known to achieve a strength that we plan,” she said of her plan to strengthen, rather than abandon, factory towns.
Part of that plan includes doubling the number of registered apprenticeships during her first term in office and increasing skills development so degree requirements can be eliminated for jobs.
She said she would lead by example, eliminating degree requirements for 500,000 federal jobs and challenging private sector employers to follow suit.
Because “China is not moving slowly” when it comes to building houses, factories and bridges, she said, “if we are to compete, we can’t afford to either.”
She pledged to work with Congress, workers, businesses, cities, states, community groups and leaders to reform the permitting process and cut red tape to get things moving faster.
“Patience may be a virtue, but not when it comes to job creation or America’s competitiveness,” she said.